SAUGATUCK -- The Land Conservancy of West Michigan has signed an agreement to acquire 171 acres of lakefront property in Saugatuck Township.

The LCWM board this week voted to accept a newly-negotiated price of $19 million to purchase the Saugatuck Harbor Natural Area from its owner, Aubrey McClendon.

The total cost of the project likely will be $22.1 million when associated costs are considered, and at least $4.5 million still needs to be raised.

Closing on the property -- known by locals as the Denison property -- is expected to occur by Dec. 31.

"Our board took a courageous step forward," said LCWM Executive Director Peter Homeyer. "We're heartened in doing so because of the generosity from a number of key individuals who pledged their support to this project this week. . . ."

Homeyer said efforts of a number of key individuals who pledged their support to the project this week was crucial in helping bridge the funding gap.

He said LCWM depends on private donations for conservation projects like this and that a formal fundraising campaign will be announced at the closing of the property.

Helen Taylor, The Nature Conservancy's state director for Michigan, said they can now see the finish line, thanks to the efforts of The Frey Foundation, Fred and Lena Meijer, James W. Brooks and the Brooks family of Holland, the J. A. Woollam Foundation, an anonymous donor, the Trust Fund, and state Sen. Patty Birkholz, R-Saugatuck Township.

"Our wish of seeing this land open to the public may finally become a reality," said Saugatuck City Councilmember Tony Vettori said "This opportunity is now in our hands after decades of working towards this goal."

The West Michigan Strategic Alliance named the property as one of the most critical natural assets needing permanent protection.